General Insurance Review, Solutions & Definitions
Definitions
What is each type of Insurance for?
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General Insurance Definitions and Information
Insurance & Assets: Assets are all your physical belongings such as a house, land, money, etc..
Insurance Collision (Car Insurance): Collision is an
add-on to auto insurance that covers the damage done to your
auto when you are in an accident that was your own fault.
Insurance Comprehensive (Car Insurance): Comprehensive
is an add-on to auto insurance that is meant to cover accidental
damage or loss not caused by a collision with another vehicle
such as fire, theft, animal collision, glass breakage etc.
Insurance
Co-payment: Co-payment is a percent of the amount that
you have to pay and then the insurance covers the rest. For
example, if you had an 20% co-payment and the bill was $2000
you would pay $400 and the insurance would pay $1600.
Insurance Deducible: A deducible is the amount of money
you have to pay before your insurance starts giving you your
benefits on a given cost or amount.
Insurance Money Back Rider: (Life insurance) This applies
to term life insurance, if your plan has a money back rider
it means that at the end of your term you will get back all
the premiums you paid minus any benefits you received.
Insurance Pre-existing Condition: (for example health
insurance) A pre-existing condition is something that you
had before buying the insurance policy. This is for a health
insurance and means that if you had diabetes when you bought
the health insurance plan then the health insurance company
will not pay for anything relating to your diabetes.
Insurance Premium: A premium is the monthly or yearly
fee that you have to pay for your insurance to continue being
covered by that insurance plan.
What type of insurance there are?
Auto Insurance
is insurance to cover your auto, the vehicle you hit, and
anyone hurt in either vehicle in an accident. There are many
extras you can add on to car insurance
to cover other things like your car if the accident was your
fault and damage to your car that was not caused by an accident.
Insurance is to cover dentist's visits, braces,
mouth x-rays, and other services supplied by dentists. You
may need dental insurance because some health plans do not
cover doctors visits.
Health insurance is insurance which pays all or part
of your medical bills. This covers items such as medicine,
doctor visits, testing supplies, hospital bills, and lab fees.
Home Insurance
is insurance to pay for your home and what was inside of it
if your house caught on fire or if anything else were to happen
to it via natural or unnatural disaster. Many policies also
pay medical bills if someone is injured on your property.
Life insurance is paid for in monthly or annual fees
called "premiums" and then paid out when the person dies.
You might want life insurance if you think when you die people
will need the money to pay for a mortgage or any other debt
you may have. Life Insurance can also be set-up so that it
is owned by the children so there are no estate taxes on it.
Term life insurance is the cheapest kind of life insurance.
With this kind of insurance, it provides coverage for a specific
period of time usually 5-30 years, and with some at the end
of the term you will get back all the premiums you paid in
minus any benefits you received.
Travel Insurance is insurance to insure that your traveling
goes smoothly and as planned. This insurance will pay for
your entire trip if for some medical reason your trip must
be canceled. It will also return what you paid for a day of
the trip if one of your flights is delayed causing you to
miss part of your trip.
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